Nigerian National Petroleum Corporation (NNPC) says crude oil term lifting contracts for 2017, will be decided by the middle of December.
“The crude tender will close on November 24, and we expect to have new contracts in place before the end of the second week of December,” Mele Kyari, group general manager from NNPC’s crude oil marketing division, said in a statement.
NNPC crude oil term contracts involve the export of around 1.17 million barrels per day of crude, out of the 2.2 million bpd Nigeria produces. They are then sold by contract holders to end-users, refiners and other buyers.
Last month, NNPC issued guidelines for companies wishing to participate in the lifting of Nigerian crude for next year. Bids for these contracts, valid for a year from January 1, are to be submitted by on November 24, according to the tender document.
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